Tire Rack
TypePrivately held
IndustryRetail
Founded1979 (1979)
FounderPeter Veldman
Defunct2021 (2021)
FateAcquired by Discount Tire
Headquarters
South Bend, Indiana
,
U.S.
Key people
Peter Veldman, Founder and President (1979–2014)
Mike Joines, President (2014–present)
ProductsTires, wheels, auto accessories
Number of employees
400+
Websitetirerack.com

Tire Rack was a privately owned customer-direct tire, wheels, car accessories distributor company headquartered in South Bend, Indiana until it was acquired by Discount Tire in 2021 and continued to operate Tire Rack as a separate business and brand name.

History

In 1979, automotive parts and service business owner Peter "Pete" Veldman came up with his business idea for the Tire Rack after his son-in-law Mike Joines was frustrated when he couldn't find tires for his Opel Manta sports coupe. Mike recommended that they start a mail-order tire company that stocked a few of every tire. Although Pete convinced Mike to help him open a retail store instead, they had so many phone orders that they eventually shut down the retail location and opened more phone lines.[1] Three years after opening the store, Tire Rack got into the mail order business and by 1990 the store was shut down.[2]

In 1995, Tire Rack began its website where it posted reviews of tires it sold.[2] In 1998, Tire Rack began online sales.[3] Since 1995, Tire Rack has been the title sponsor of the National Sports Car Club of America (SCCA) Solo Program, a club that allows driving enthusiasts to compete at a local level.

By 2005, Tire Rack had grown into a nationwide company that distributes more than 2 million tires annually.[4] The company now offers 24 tire brands and has ten warehouses in nine states.[3][5] Customers who pick up orders from a warehouse location are offered a discount.

After 26 years of being a privately-owned family company, Los Angeles-based investment group Leonard Green & Partners took a 49% stake in the company with the Veldman family controlling the majority 51%.[6]

Pete Veldman died on March 14, 2014, at the age of 87.[7] Pete's son-in-law Mike Joines succeeded him as president.

On December 4, 2021, Discount Tire acquired Tire Rack for an undisclosed amount.[8]

References

  1. ↑ O'Donnell, Jayne (December 17, 2003). "Family rolling to success on Tire Rack". USA Today. Retrieved November 27, 2010.
  2. 1 2 "Tire Rack founder remembered for energy, vision". Tire Business. March 4, 2014. Retrieved June 17, 2018.
  3. 1 2 Ulrich, Bob (November 2, 2017). "'I'm Tired of My Supplier Competing Against Me': Online Sales Remain a Sore Point". Modern Tire Dealer. Retrieved June 17, 2018.
  4. ↑ Brown, Warren (December 25, 2005). "Hands-on and Still the Big Wheel at Tire Rack". Washington Post. Retrieved November 27, 2010.
  5. ↑ "Tire Rack Frequently Asked Questions". Tirerack.com. Retrieved June 17, 2018.
  6. ↑ "Investment Group to Take 49 Percent Share in The Tire Rack, Report Says". Aftermarket News. June 15, 2005. Retrieved November 27, 2010.
  7. ↑ Allen, Kevin (March 14, 2014). "Pete Veldman leaves a legacy of generosity". South Bend Tribune. Retrieved June 17, 2018.
  8. ↑ "Discount Tire To Acquire Tire Rack And Merge Operations, Creating Leading Omnichannel Tire Buying Experience". prnewswire.com. December 3, 2021. Retrieved December 5, 2021.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.